XML 64 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
OPERATING ACTIVITIES:      
Net income (loss) $ 50,789us-gaap_NetIncomeLoss $ 151,423us-gaap_NetIncomeLoss $ 13,347us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Inventory valuation adjustments and abandoned land transaction write-offs 2,410us-gaap_AssetImpairmentCharges 5,805us-gaap_AssetImpairmentCharges 3,368us-gaap_AssetImpairmentCharges
Impairment of investment in unconsolidated joint ventures 1,047us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment 0us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment 390us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment
Equity in income of unconsolidated joint ventures (347)us-gaap_IncomeLossFromEquityMethodInvestments (306)us-gaap_IncomeLossFromEquityMethodInvestments 0us-gaap_IncomeLossFromEquityMethodInvestments
Bargain purchase gain 0us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount 0us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount (1,219)us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount
Mortgage loan originations (677,418)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale (627,509)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale (520,708)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale
Proceeds from the sale of mortgage loans 669,625us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale 614,726us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale 505,368us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale
Fair value adjustment of mortgage loans held for sale (3,191)mho_FairValueAdjustmentOfMortgageLoansHeldForSale 2,094mho_FairValueAdjustmentOfMortgageLoansHeldForSale 1,494mho_FairValueAdjustmentOfMortgageLoansHeldForSale
Capitalization of originated mortgage servicing rights (4,009)us-gaap_PaymentsForProceedsFromMortgageServicingRights 0us-gaap_PaymentsForProceedsFromMortgageServicingRights 0us-gaap_PaymentsForProceedsFromMortgageServicingRights
Amortization of mortgage servicing rights 775us-gaap_AmortizationOfMortgageServicingRightsMSRs 0us-gaap_AmortizationOfMortgageServicingRightsMSRs 0us-gaap_AmortizationOfMortgageServicingRightsMSRs
Depreciation 5,175us-gaap_Depreciation 4,973us-gaap_Depreciation 7,158us-gaap_Depreciation
Amortization of debt discount and debt issue costs 3,121mho_AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts 3,338mho_AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts 2,584mho_AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts
Loss on Extinguishment of Debt 0us-gaap_GainsLossesOnExtinguishmentOfDebt 1,726us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Stock-based compensation expense 3,215us-gaap_ShareBasedCompensation 2,344us-gaap_ShareBasedCompensation 1,734us-gaap_ShareBasedCompensation
Deferred Income Tax Expense 25,790us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 15,547us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 5,076us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Deferred tax asset valuation allowance (9,291)us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount (126,458)us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount (5,076)us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount
Change in assets and liabilities:      
Cash held in escrow (171)mho_IncreaseDecreaseInCashHeldInEscrow (37)mho_IncreaseDecreaseInCashHeldInEscrow (125)mho_IncreaseDecreaseInCashHeldInEscrow
Inventory (209,318)us-gaap_IncreaseDecreaseInInventories (156,708)us-gaap_IncreaseDecreaseInInventories (73,874)us-gaap_IncreaseDecreaseInInventories
Other assets (5,286)us-gaap_IncreaseDecreaseInOtherOperatingAssets (10,219)us-gaap_IncreaseDecreaseInOtherOperatingAssets (8,460)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable 5,112us-gaap_IncreaseDecreaseInAccountsPayable 22,536us-gaap_IncreaseDecreaseInAccountsPayable 5,358us-gaap_IncreaseDecreaseInAccountsPayable
Customer deposits 497us-gaap_IncreaseDecreaseInCustomerDeposits 1,023us-gaap_IncreaseDecreaseInCustomerDeposits 5,867us-gaap_IncreaseDecreaseInCustomerDeposits
Accrued compensation 1,182us-gaap_IncreaseDecreaseInAccruedSalaries 9,753us-gaap_IncreaseDecreaseInAccruedSalaries 6,421us-gaap_IncreaseDecreaseInAccruedSalaries
Other liabilities 7,618us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 11,975us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 4,302us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash used in operating activities (132,675)us-gaap_NetCashProvidedByUsedInOperatingActivities (73,974)us-gaap_NetCashProvidedByUsedInOperatingActivities (46,995)us-gaap_NetCashProvidedByUsedInOperatingActivities
INVESTING ACTIVITIES:      
Change in restricted cash 7,122us-gaap_IncreaseDecreaseInRestrictedCash (5,185)us-gaap_IncreaseDecreaseInRestrictedCash 32,779us-gaap_IncreaseDecreaseInRestrictedCash
Purchase of property and equipment (2,946)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (2,382)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (933)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Acquisition, net of cash acquired 0mho_BusinessAcquisitionCostOfAcquiredEntityNetOfCashAcquired 0mho_BusinessAcquisitionCostOfAcquiredEntityNetOfCashAcquired (4,707)mho_BusinessAcquisitionCostOfAcquiredEntityNetOfCashAcquired
Return of capital from unconsolidated joint ventures 1,523mho_DistributionsOfCapitalFromUnconsolidatedEntities 1,522mho_DistributionsOfCapitalFromUnconsolidatedEntities 0mho_DistributionsOfCapitalFromUnconsolidatedEntities
Investment in unconsolidated joint ventures (20,415)us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates (29,509)us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates (1,817)us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates
Proceeds from Sale of Mortgage Servicing Rights (MSR) 2,135us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR 0us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR 0us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR
Net cash provided by (used in) investing activities (12,581)us-gaap_NetCashProvidedByUsedInInvestingActivities (35,554)us-gaap_NetCashProvidedByUsedInInvestingActivities 25,322us-gaap_NetCashProvidedByUsedInInvestingActivities
FINANCING ACTIVITIES:      
Repayment of senior notes, including transaction costs 0us-gaap_RepaymentsOfOtherDebt 0us-gaap_RepaymentsOfOtherDebt (41,443)us-gaap_RepaymentsOfOtherDebt
Net proceeds from issuance of senior notes 0us-gaap_ProceedsFromOtherDebt 0us-gaap_ProceedsFromOtherDebt 29,700us-gaap_ProceedsFromOtherDebt
Net proceeds from issuance of common shares 0us-gaap_ProceedsFromIssuanceOfCommonStock 54,617us-gaap_ProceedsFromIssuanceOfCommonStock 42,085us-gaap_ProceedsFromIssuanceOfCommonStock
Proceeds from bank borrowings - homebuilding operations 192,600us-gaap_ProceedsFromBankDebt 0us-gaap_ProceedsFromBankDebt 0us-gaap_ProceedsFromBankDebt
Repayments of bank borrowings - homebuilding operations (162,600)us-gaap_RepaymentsOfBankDebt 0us-gaap_RepaymentsOfBankDebt 0us-gaap_RepaymentsOfBankDebt
Proceeds from (Repayments of) bank borrowings - financial services operations 5,350us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess 12,072us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess 15,351us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
Proceeds from note payable-other and CDD bond obligations 1,728us-gaap_ProceedsFromRepaymentsOfOtherDebt (3,315)us-gaap_ProceedsFromRepaymentsOfOtherDebt 5,304us-gaap_ProceedsFromRepaymentsOfOtherDebt
Dividends paid on preferred shares (4,875)us-gaap_PaymentsOfDividends (3,656)us-gaap_PaymentsOfDividends 0us-gaap_PaymentsOfDividends
Redemption of preferred shares 0us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock (50,352)us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock 0us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock
Debt issue costs (2,081)us-gaap_PaymentsOfDebtIssuanceCosts (5,501)us-gaap_PaymentsOfDebtIssuanceCosts (5,881)us-gaap_PaymentsOfDebtIssuanceCosts
Proceeds from exercise of stock options 1,944us-gaap_ProceedsFromStockOptionsExercised 2,640us-gaap_ProceedsFromStockOptionsExercised 4,762us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by financing activities 32,066us-gaap_NetCashProvidedByUsedInFinancingActivities 92,755us-gaap_NetCashProvidedByUsedInFinancingActivities 107,378us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase (decrease) in cash and cash equivalents (113,190)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (16,773)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 85,705us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents balance at beginning of period 128,725us-gaap_CashAndCashEquivalentsAtCarryingValue 145,498us-gaap_CashAndCashEquivalentsAtCarryingValue 59,793us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents balance at end of period 15,535us-gaap_CashAndCashEquivalentsAtCarryingValue 128,725us-gaap_CashAndCashEquivalentsAtCarryingValue 145,498us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid during the year for:      
Interest — net of amount capitalized 9,730us-gaap_InterestPaidNet 11,834us-gaap_InterestPaidNet 13,083us-gaap_InterestPaidNet
Income taxes 2,386us-gaap_IncomeTaxesPaidNet 765us-gaap_IncomeTaxesPaidNet 281us-gaap_IncomeTaxesPaidNet
NON-CASH TRANSACTIONS DURING THE PERIOD:      
Community development district infrastructure (559)mho_CommunityDevelopmentDistrictInfrastructure (1,504)mho_CommunityDevelopmentDistrictInfrastructure (1,349)mho_CommunityDevelopmentDistrictInfrastructure
Consolidated inventory not owned (1,167)mho_ConsolidatedInventoryNotOwnedObligation (17,330)mho_ConsolidatedInventoryNotOwnedObligation 16,161mho_ConsolidatedInventoryNotOwnedObligation
Distribution of single-family lots from unconsolidated joint ventures 25,689mho_DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs 4,800mho_DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs 0mho_DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs
2017 Convertible Senior Notes [Member]      
Proceeds from issuance of convertible senior subordinated notes 0us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_DebtInstrumentAxis
= mho_A2017ConvertibleSeniorNotesMember
0us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_DebtInstrumentAxis
= mho_A2017ConvertibleSeniorNotesMember
57,500us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_DebtInstrumentAxis
= mho_A2017ConvertibleSeniorNotesMember
2018 Convertible Senior Notes [Member]      
Proceeds from issuance of convertible senior subordinated notes $ 0us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_DebtInstrumentAxis
= mho_A2018ConvertibleSeniorNotesMember
$ 86,250us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_DebtInstrumentAxis
= mho_A2018ConvertibleSeniorNotesMember
$ 0us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_DebtInstrumentAxis
= mho_A2018ConvertibleSeniorNotesMember